RBS - Refund of PPI with no liability?

[Dunno]

we've got a claim ongoing with RBS for a mis-sold PPI, to cut a long story short, we took out a loan with them, and on the advice of the 'sales person' took out the PPI.

In December my wife was made redundant, she contacted RBS to claim on the PPI, only to be told that as I was the 1st name on the policy she was not covered

As a result RBS have agreed to cancel the PPI but claim that we were not mis-sold the policy, but, as a gesture of 'goodwill' are willing to make a payment without accepting any liability...

We've worked out that we've paid approximately £850 in PPI premiums in the period of the loan. If we were to accept their offer, does anyone have any ideas on how much we would get?

Surely though, the fact that they have agreed to make a payment is an admission of a fault on their part, even if they claim no liability?

Any help will be greatly appreciated.

[natweststaffmember]

Re: RBS - Refund of PPI with no liability?

Banks never admit liability but they will payout. I would suggest perhaps that if the loan was taken out with both of you then they need to do an interest adjustment on the loan.

[Rambo]

Re: RBS - Refund of PPI with no liability?

I presume this PPI is a SPI and was added to the loan up-front.

If so, IMO do not accept any offer until you have done a DPA/SAR and have all the details of amounts for loan / PPI.

SPI is added to the loan at the beginning, accrues the loans interest rate for the loans duration BUT only covers you for a usual period of 5 years.

And when I say "covers you" I am talking very broadly because it probably doesnt.